By Modupe Gbadeyanka

To improve operational efficiency, Advans La Fayette Microfinance Bank has appointed Mrs Elizabeth Odetayo as the new Deputy Chief Executive Officer.

She will work closely with the Chief Executive Officer, Mr Gaetan Debuchy, and the executive team to drive the bank’s strategic initiatives, optimize operational performance, and expand its reach to empower more individuals and businesses with access to tailored financial solutions.

Before her new appointment, she served as the Chief Financial Officer (CFO) of Advans La Fayette Microfinance, where she played a pivotal role in shaping the bank’s financial strategy, ensuring robust fiscal management, and supporting its mission to provide inclusive financial services to underserved communities.

A statement from the financial institution disclosed that the appointment of Mrs Odetayo became effective Saturday, February 1, 2025.

She is expected to bring her over 20 years of wealth of experience and a proven track record of excellence in the financial services sector to her new role.

“This strategic appointment underscores the bank’s commitment to fostering leadership from within and strengthening its executive team to drive continued growth and innovation,” a part of the statement read.

Mrs Odetayo has demonstrated exceptional leadership, strategic vision, and a deep understanding of the microfinance industry.

Her expertise in financial management, risk assessment, and operational efficiency has been instrumental in advancing the bank’s objectives and enhancing its impact on clients and stakeholders.

Commenting on the appointment, Mr Debuchy said, “Elizabeth’s appointment as Deputy CEO is a testament to her dedication, expertise, and outstanding contributions to our bank.

“Her deep understanding of our operations and her commitment to our mission position her to help steer the bank toward achieving its strategic goals.

“We are confident that her leadership will further strengthen our ability to deliver impactful financial services to our clients.”

In her reaction, Mrs Odetayo said, “I am honored to take on this new responsibility and to continue contributing to the growth and success of the bank.

“I look forward to collaborating with our talented team to drive innovation, enhance customer experience, and expand our reach to create lasting value for the communities we serve.”

Advans La Fayette Microfinance remains committed to its mission of fostering financial inclusion and empowering individuals and businesses through accessible and sustainable financial solutions.

The appointment of Mrs Odetayo as DCEO marks an exciting new chapter in the bank’s journey toward achieving its vision.

Her promotion and over 130 staff in 2024 is a demonstration of the bank’s commitment to empowering its employees, fostering a culture of excellence, and driving productivity against all odds. By investing in internal talent, Advans continues to build a strong, motivated workforce that is equipped to deliver on its mission and vision.

By Adedapo Adesanya

The Nigeria Inter-Bank Settlement System (NIBSS) has unveiled significant upgrades to its Nigeria Quick Response (NQR) payment system.

The mechanism is designed to reduce cash dependency and streamline and enhance digital transactions for businesses and individuals across Nigeria.

The NQR payment system, launched in March 2021, is part of Nigeria’s broader push to promote cashless transactions across the country.

The system allows customers to make payments by scanning a QR code, which redirects them to their bank or mobile wallet to complete the payment. It is also timely and avoids delays.

Speaking on the development, Mr Premier Oiwoh, MD/CEO of NIBSS, emphasized the evolving capabilities of NQR and how it is poised to revolutionize payments, transactions are processed instantly, ensuring immediate settlement.

“This account is the only QR in the world that is instant for the beneficiary,” he said.

He noted that the system is also far more robust, offering smoother and more secure transactions. It now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments, significantly expanding its use cases.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment” he said.

“You can also send your personal QR code to anybody to pay you rather than send an account number,” he said

Mr Oiwoh announced that a new pricing structure for NQR payment will take effect on March 1, 2021.

The use of QR codes is expected to significantly reduce Nigerians heavy reliance on cash, thereby contributing to the digital economy infrastructure and financial inclusion agenda of the Central Bank of Nigeria (CBN).

By Aduragbemi Omiyale

The United Bank for Africa (UBA) Plc has restored full service to its mobile banking app after some customers experienced difficulties completing financial transactions from the platform.

Business Post reports that earlier, some UBA customers could not make fund transfers to other financial institutions from the mobile app.

The lender quickly swung into action to resolve the issue and has fully restored its mobile banking app service, with customers now able to send funds to other banks via the platform.

Confirming this development, the bank, in a notice to customers on Thursday afternoon, said, “We are pleased to inform you that the transfers to other banks service has been restored on the UBA Mobile Banking App.

“We sincerely apologise for any inconvenience this may have caused and reassure you of our commitment to continuously improve our services.”

While thanking them for their patience and understanding, UBA advised any customer still experiencing “any further issues [to] please contact our CFC support team.”

“For enquiries, please contact our 24-hour Customer Fulfilment Centre (CFC) on 02012808822 or send us an email at [email protected],” the message said.